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Side-by-side financial comparison of SPS COMMERCE INC (SPSC) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $192.7M, roughly 1.3× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 10.6%, a 2.8% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 2.4%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $11.4M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 12.8%).
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
SPSC vs TGLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $192.7M | $245.3M |
| Net Profit | $25.8M | $26.1M |
| Gross Margin | 70.4% | 40.0% |
| Operating Margin | 18.0% | 18.3% |
| Net Margin | 13.4% | 10.6% |
| Revenue YoY | 12.7% | 2.4% |
| Net Profit YoY | 47.2% | -44.5% |
| EPS (diluted) | $0.69 | $0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $192.7M | $245.3M | ||
| Q3 25 | $189.9M | $260.5M | ||
| Q2 25 | $187.4M | $255.5M | ||
| Q1 25 | $181.5M | $222.3M | ||
| Q4 24 | $170.9M | $239.6M | ||
| Q3 24 | $163.7M | $238.3M | ||
| Q2 24 | $153.6M | $219.7M | ||
| Q1 24 | $149.6M | $192.6M |
| Q4 25 | $25.8M | $26.1M | ||
| Q3 25 | $25.6M | $47.2M | ||
| Q2 25 | $19.7M | $44.1M | ||
| Q1 25 | $22.2M | $42.2M | ||
| Q4 24 | $17.6M | $47.0M | ||
| Q3 24 | $23.5M | $49.5M | ||
| Q2 24 | $18.0M | $35.0M | ||
| Q1 24 | $18.0M | $29.7M |
| Q4 25 | 70.4% | 40.0% | ||
| Q3 25 | 69.5% | 42.7% | ||
| Q2 25 | 68.1% | 44.7% | ||
| Q1 25 | 68.7% | 43.9% | ||
| Q4 24 | 67.5% | 44.5% | ||
| Q3 24 | 68.5% | 45.8% | ||
| Q2 24 | 66.1% | 40.8% | ||
| Q1 24 | 65.6% | 38.8% |
| Q4 25 | 18.0% | 18.3% | ||
| Q3 25 | 16.4% | 25.1% | ||
| Q2 25 | 14.1% | 24.0% | ||
| Q1 25 | 14.3% | 26.7% | ||
| Q4 24 | 14.5% | 28.0% | ||
| Q3 24 | 15.6% | 28.4% | ||
| Q2 24 | 15.1% | 23.3% | ||
| Q1 24 | 10.3% | 21.3% |
| Q4 25 | 13.4% | 10.6% | ||
| Q3 25 | 13.5% | 18.1% | ||
| Q2 25 | 10.5% | 17.3% | ||
| Q1 25 | 12.2% | 19.0% | ||
| Q4 24 | 10.3% | 19.6% | ||
| Q3 24 | 14.3% | 20.8% | ||
| Q2 24 | 11.7% | 15.9% | ||
| Q1 24 | 12.0% | 15.4% |
| Q4 25 | $0.69 | $0.57 | ||
| Q3 25 | $0.67 | $1.01 | ||
| Q2 25 | $0.52 | $0.94 | ||
| Q1 25 | $0.58 | $0.90 | ||
| Q4 24 | $0.46 | $1.00 | ||
| Q3 24 | $0.62 | $1.05 | ||
| Q2 24 | $0.48 | $0.75 | ||
| Q1 24 | $0.48 | $0.63 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $151.4M | $104.1M |
| Total DebtLower is stronger | — | $174.4M |
| Stockholders' EquityBook value | $973.9M | $713.1M |
| Total Assets | $1.2B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.4M | $104.1M | ||
| Q3 25 | $133.7M | $127.1M | ||
| Q2 25 | $107.6M | $140.9M | ||
| Q1 25 | $94.9M | $160.2M | ||
| Q4 24 | $241.0M | $137.5M | ||
| Q3 24 | $205.8M | $124.8M | ||
| Q2 24 | $271.8M | $129.5M | ||
| Q1 24 | $290.8M | $138.8M |
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | — | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $973.9M | $713.1M | ||
| Q3 25 | $958.9M | $764.0M | ||
| Q2 25 | $949.8M | $736.0M | ||
| Q1 25 | $920.9M | $685.1M | ||
| Q4 24 | $854.7M | $631.2M | ||
| Q3 24 | $829.4M | $613.3M | ||
| Q2 24 | $703.4M | $574.8M | ||
| Q1 24 | $683.0M | $573.6M |
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $1.0B | $996.3M | ||
| Q2 24 | $854.5M | $942.5M | ||
| Q1 24 | $839.8M | $981.6M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $45.9M | $31.0M |
| Free Cash FlowOCF − Capex | $38.2M | $11.4M |
| FCF MarginFCF / Revenue | 19.8% | 4.7% |
| Capex IntensityCapex / Revenue | 4.0% | 8.0% |
| Cash ConversionOCF / Net Profit | 1.78× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $152.3M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.9M | $31.0M | ||
| Q3 25 | $60.6M | $40.0M | ||
| Q2 25 | $32.3M | $17.9M | ||
| Q1 25 | $40.0M | $46.9M | ||
| Q4 24 | $40.6M | $61.1M | ||
| Q3 24 | $53.3M | $41.5M | ||
| Q2 24 | $29.4M | $34.5M | ||
| Q1 24 | $34.1M | $33.4M |
| Q4 25 | $38.2M | $11.4M | ||
| Q3 25 | $54.6M | $21.2M | ||
| Q2 25 | $25.7M | $-14.7M | ||
| Q1 25 | $33.8M | $16.5M | ||
| Q4 24 | $34.3M | $35.4M | ||
| Q3 24 | $48.1M | $17.8M | ||
| Q2 24 | $24.4M | $14.2M | ||
| Q1 24 | $30.5M | $23.6M |
| Q4 25 | 19.8% | 4.7% | ||
| Q3 25 | 28.7% | 8.2% | ||
| Q2 25 | 13.7% | -5.7% | ||
| Q1 25 | 18.6% | 7.4% | ||
| Q4 24 | 20.1% | 14.8% | ||
| Q3 24 | 29.4% | 7.5% | ||
| Q2 24 | 15.9% | 6.5% | ||
| Q1 24 | 20.4% | 12.2% |
| Q4 25 | 4.0% | 8.0% | ||
| Q3 25 | 3.2% | 7.2% | ||
| Q2 25 | 3.6% | 12.7% | ||
| Q1 25 | 3.4% | 13.7% | ||
| Q4 24 | 3.6% | 10.7% | ||
| Q3 24 | 3.2% | 9.9% | ||
| Q2 24 | 3.3% | 9.2% | ||
| Q1 24 | 2.4% | 5.1% |
| Q4 25 | 1.78× | 1.19× | ||
| Q3 25 | 2.37× | 0.85× | ||
| Q2 25 | 1.64× | 0.41× | ||
| Q1 25 | 1.80× | 1.11× | ||
| Q4 24 | 2.31× | 1.30× | ||
| Q3 24 | 2.27× | 0.84× | ||
| Q2 24 | 1.63× | 0.98× | ||
| Q1 24 | 1.89× | 1.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
